Disposed

Elsy Paul Chackola v. Catholic Syrian Bank Ltd.

Kerala HC5 Sept 2007WP(C)/10154/2004

Case brief

AI extract

What is this about?

This Writ petition sought a direction for the bank to consider a loan settlement proposal. The Court held that property acquisition aims at recovering arrears and price escalation matters rest with the Bank's Board. The petition was disposed of by directing the Bank to place the proposal before its Board of Directors in the next meeting, with petitioners to make realistic offers.

What did the court decide?

Directed the Bank to place the petitioners' proposal for loan settlement before its Board of Directors in the next meeting.

Elsy Paul Chackola Vs Catholic Syrian Bank Ltd. — Specific Performance | Kerala HC (2007)

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IN THE HIGH COURT OF KERALA AT ERNAKULAM

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PRESENT :

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THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR

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WEDNESDAY, THE 5TH SEPTEMBER 2007 / 14TH BHADRA 1929

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WP(C).No. 10154 of 2004(H)

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-------------------------AGAINST THE ORDER DATED IN DRC.213/CSB/PLKD IN TA.1082/1997 of DEBT RECOVERY TRIBUNAL, ERNAKULAM

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PETITIONERS:

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ELSY PAUL CHACKOLA, H.NO.176, CHANDRANAGAR, MARUTHA ROAD, PALAKKAD.

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THOMAS CHACKOLA, -DO- -DO-

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BY ADV. SRI.VINOD VALLIKAPPAN

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RESPONDENTS:

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CATHOLIC SYRIAN BANK LIMITED, PALAKKAD BRANCH, PALAKKAD, REPRESENTED BY THE BRANCH MANAGER.

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THE RECOVERY OFFICER, DEBTS RECOVERY TRIBUNAL, ERNAKULAM.

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ADDL.3. ROY, K.P., S/O. K.P. PAPU, CARMEL RESIDENCY 5/125, NEW LANE, THOTTAKATTUKARA, ALUVA.

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ADDL. 4. CHARITABLE EDUCATIONAL AND WELFARE SOCIETY, KADAMMANITTA, REPRESENTED BY THE CHAIRMAN, ABRAHAM KALAMANNIL, KALAMANNIL VEEDU, KADAMMANITTA.

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ADDL. R3 IS IMPLEADED AS PER ORDER ON I.A.10919/04 DATED 5.9.2007 ADDL. R4 IS IMPLEADED AS PER ORDER ON I.A.10954/07 DATED 5.9.2007

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R1 BY ADV. SRI.M.PATHROSE MATTHAI (SR.) ADDL. R3 BY ADV. SRI.DINESH MATHEW J.MURICKEN ADDL. R4 BY ADV. SRI.C.S.MANILAL

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THIS WRIT PETITION (CIVIL) HAVING BEEN FINALLY HEARD ON 05/09/2007, THE COURT ON THE SAME DAY DELIVERED THE FOLLOWING:

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APPENDIX

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PETITIONERS' EXHIBITS:

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EXT.P1 TRUE COPY OF ORDER OF DEBTS RECOVERY TRIBUNAL (K & L) ERNAKULAM DATED 10.7.2003

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EXT.P2 TRUE COPY OF THE APPLICATION FOR ONE TIME SETTLEMENT DATED 9.7..2007

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RESPONDENTS' EXHIBITS: NIL

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TRUE COPY

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P.S. TO JUDGE.

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C.N.RAMACHANDRAN NAIR,J.

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W.P.C. NO. 10154 OF 2007

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Dated this the 5th day of September, 2007

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JUDGMENT

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The prayer in the W.P. is for direction to the Bank to consider petitioners' request for settlement of loan liability. I have heard counsel for the petitioners, senior counsel appearing for the Bank and counsel appearing for the additional respondents. Senior counsel appearing for the Bank submitted that the property was purchased by the Bank itself in sale conducted by recovery officer. According to him the offer made by the petitioners and the purchaser arranged by the petitioners is very low for the Bank to accept. He therefore contended that escalation in land value will entitle the bank to sell the property at higher price. These are matters which can be taken into account by the Board of Directors of the Bank . In any case it is not the intention of the Bank to retain the property on a regular basis but the purpose of purchasing property by the Bank is to recover the arrears. W.P. is disposed of directing the Secretary or concerned Manager of the Bank to place the proposal before the Board of directors in their next meeting. It is for

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the petitioners or the purchaser to make more realistic offers to attract

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the Bank to go for a settlement.

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(C.N.RAMACHANDRAN NAIR) Judge

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Elsy Paul Chackola v. Catholic Syrian Bank Ltd.

Case brief

What is this about?

What did the court decide?

Elsy Paul Chackola v. Catholic Syrian Bank Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

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